Western Cape commercial, retail and residential property investors are gearing up for the auction of five properties in the Bellville, Elsies River, Stikland and Parow areas. These assets will collectively come under the hammer on 10 November 2015, 12h00 at 125 Waterkant Street, Green Point, Cape Town.
According to Elias Tzouvanni, Director of Nexus Property Group – the Group will only take properties to auction if they are right for the mechanism. “Sellers are realistic with their asking price. This allows opportunity for buyers, as well as a high probability of concluding a deal.”
National tenanted building in Elsies River, Cnr Nebula Street & Halt Road
Located centrally on Halt Road, which ensures high visibility. The property has an erf extent of 3537m², a gross lettable area of 1805m² and generates an annual income of R626,886. The retail building is part of a larger portfolio however is a non-core asset, and the reason for the sale. Currently occupied by three national tenants as well as three vacant shops in the building which have the potential to increase the gross annual income of the property significantly. The property is expected to trade in the region of R3m – R3.5m.
The property will interest hands-on investors who have the ability to manage the asset and the tenant vacancies.
High street retail building in Bellville, 314 Durban Road
Situated in a tightly held area where properties are hard to come by, the building situated on bustling Durban Road offers a highexposure rate. The property currently generates approximately R234,000 rental income per annum, and has the potential to generate significantly more. The zoning of the property is currently Single Residential Zone 1 (SR1) with commercial use, and buyers will have the option to rezone and develop the property accordingly. The building is currently let on a month-to-month basis which provides the buyer with option to redevelop and retenant the property.
Warehouse with large yard in Stikland, 14 Tedric Avenue
Located in the established industrial node in Stikland with easy access to the R300 leading to the N1 and N2, industrial property of this kind is hard to come by, and is ideal for a small or medium business looking to own its own premises. This property is unique due to the amount of yard space it offers compared to other properties in Stikland, and the large power supply available on the property.
The property has not changed hands since 1996 and therefore presents a rare opportunity for investors. This is due to the fact that there have been very few sales in the area within the last few years, as the area is in great demand to both investors and tenants, and property owners do not easily let go of their properties. The owner occupier is looking to vacate the building upon transfer, which will allow investors to occupy or tenant the property immediately. Refurbishment of the building can result in a rental income of R45-50 per m².
Deceased Estate: Two Blocks of Flats in Kempenville, Bellville
The larger of the two blocks, Karoo Court, consists of eight large bachelor/one bedroom apartments each with separate bedroom/sleeping areas, off-street parking bays and storeroom facilities. Alexander Court consists of four two-bedroom apartments and four garages.
Both tenanted blocks of flats are fully sectionalised. This property will interest buyers looking to acquire a solid investment in an area which offers good rental income. Both blocks are situated just off Voortrekker Road in a quiet residential position, and are highly accessible and in close vicinity to the N1 highway, as well as central to various forms of public transport and shopping amenities. This area is home to a mix of both commercial as well as residential properties and has seen buoyant rental demands over the past few years. Both blocks have been held by the same owner for over two decades.